JP Morgan has agreed to pay $290m (£232m) to settle a lawsuit alleging that the bank knowingly benefited from its former client Jeffrey Epstein’s sex-trafficking.
The Wall Street giant said it had reached an “agreement in principle” to settle the proposed class action launched by an unnamed Epstein victim late last year.
JP Morgan said: “We all now understand that Epstein’s behavior was monstrous, and we believe this settlement is in the best interest of all parties, especially the survivors, who suffered unimaginable abuse at the hands of this man.
“Any association with him was a mistake and we regret it. We would never have continued to do business with him if we believed he was using our bank in any way to help commit heinous crimes.”
It is understood that JP Morgan has made no admission of liability in the settlement.
David Boies, a lawyer representing the accusers, said: “Taken together or individually, the historic recoveries from the banks who provided financial services to Jeffrey Epstein, speak for themselves. It has taken a long time, too long, but today is a great day for Jeffrey Epstein survivors.”
However, the deal made with the victim, identified only as Jane Doe, does not yet draw a line under JP Morgan’s legal headache over its historic ties to the late paedophile financier.
The lender is still facing a similar lawsuit brought by the US Virgin Islands (USVI), where the financier had a private retreat where he brought several of his victims.
The US bank is also still litigating its own case against Jes Staley, its former private wealth boss who went on to lead Barclays.
